Cash ISA Query

gtechtwo

Hi,
Never having previously been into ISA's etc, I have now taken the plunge and will do a Cash ISA with Trading 212 as they are offerring a good rate.

The bit I want to clarify if I can, I could invest into the ISA the Max £20k now, and then on 6th April 2025 could invest a further £20k as its a new year?

The other thing I just thought about, so would that be 2 Cash ISA's or you just have one that you can add to each year??

I think I have read so much info, that its starting to get confusing, need to go back to basics.

Thanks

eskbanker

Yes, you can pay in up to £20K in total in each tax year, across however many ISAs you wish - you can use the same one (assuming it's still open for funding, as easy-access ones generally will be) or multiple ones if you prefer....

Albermarle

I think I have read so much info, that its starting to get confusing, need to go back to basics.

If you read through this forum where there are regularly many similar questions, you will hopefully be less confused.

astroL

I am concerned that MSE links are not being honoured.  I opened a Trading 212 account a few months back using the MSE link to get a small bonus.  Since then I have realised that T212 are not honouring that bonus and that I am on the minimum 4.9% rate.  They are not actually responding to my emails but are simply telling me that I joined without a bonus rate. Same reply regardless of what I write.  Be aware that the MSE link is *not* applied.

Lawrence

saajan_12

gtechtwo said:

The bit I want to clarify if I can, I could invest into the ISA the Max £20k now, and then on 6th April 2025 could invest a further £20k as its a new year?

Yes

gtechtwo said:

The other thing I just thought about, so would that be 2 Cash ISA's or you just have one that you can add to each year??

Can be either, it works the same way as normal savings accounts in that respect.
If the first account was a fixed term, you might not be able to add more so you'd have to open a new one for further contributions. If it was easy access or notice account, you have the choice of adding to the same or opening a new ISA. 

eskbanker

astroL said:

I am concerned that MSE links are not being honoured.  I opened a Trading 212 account a few months back using the MSE link to get a small bonus.  Since then I have realised that T212 are not honouring that bonus and that I am on the minimum 4.9% rate.  They are not actually responding to my emails but are simply telling me that I joined without a bonus rate. Same reply regardless of what I write.  Be aware that the MSE link is *not* applied.

There have been others that have reported issues with the MSE T212 promotion, but I believe that the code can be applied after opening, although maybe not after 'a few months' - read through some of the existing threads dedicated to Trading 212, as this is just a generic one about cash ISAs in more general terms....

JohnB47

astroL said:

I am concerned that MSE links are not being honoured.  I opened a Trading 212 account a few months back using the MSE link to get a small bonus.  Since then I have realised that T212 are not honouring that bonus and that I am on the minimum 4.9% rate.  They are not actually responding to my emails but are simply telling me that I joined without a bonus rate. Same reply regardless of what I write.  Be aware that the MSE link is *not* applied.

Lawrence

Maybe your funds going into the Trading 212 ISA arrived well after 10 days of registering for the account?

Have you tried their Chat' system?

It might be too late to fix your problem now but I was told by an agent not to worry if my transfer in was delayed, just contact them again and they would manually apply the bonus rate. In the event I didn't need to - the transfer in happened within the 10 days allowed.

kilkchris

Apologies....Just for 100% clarification. if I've maxed my £20K Cash ISA allowance for 2024-2025. I can open a new Cash ISA for 2025-2026 after 6th April and then also max the new one to £20k?

slinger2

kilkchris said:

Apologies....Just for 100% clarification. if I've maxed my £20K Cash ISA allowance for 2024-2025. I can open a new Cash ISA for 2025-2026 after 6th April and then also max the new one to £20k?

Yes. You'll get a new £20k allowance on 6 April. So if you want to, you can put £20k into a new cash ISA from that date. There are many many possibilities.

sammy_zammy

kilkchris said:

Apologies....Just for 100% clarification. if I've maxed my £20K Cash ISA allowance for 2024-2025. I can open a new Cash ISA for 2025-2026 after 6th April and then also max the new one to £20k?

Yes, or you can add it to your existing ISA if it’s easy-access. It’s just a savings account.

TheBMWGuy

astroL said:

I am concerned that MSE links are not being honoured.  I opened a Trading 212 account a few months back using the MSE link to get a small bonus.  Since then I have realised that T212 are not honouring that bonus and that I am on the minimum 4.9% rate.  They are not actually responding to my emails but are simply telling me that I joined without a bonus rate. Same reply regardless of what I write.  Be aware that the MSE link is *not* applied.

Lawrence

If you opened an account a few months back then you are not eligible for the bonus rate on the cash isa unfortunately, it is for newly opened accounts only